PUBLISHER: The Business Research Company | PRODUCT CODE: 1436637
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436637
Recreational boating involves engaging in leisurely, enjoyable, and pleasurable activities while traveling on water in a boat. A recreational boat is defined as any vessel capable of active, self-propelled movement, primarily intended for activities such as enjoyment, fishing, or commercial purposes.
In the recreational boating market, the primary boat types are yachts, sailboats, personal watercraft, inflatables, and others. Yachts, a subset of recreational boating, are boats equipped with sails and, occasionally, an engine, often large and costly. Yachts serve purposes such as racing or leisurely travel. Engine placements vary, including outboards, inboards, and others, with construction materials such as aluminum, fiberglass, steel, and others. Boat sizes are categorized as up to 20 ft., 21 ft. to 35 ft., and 36 ft. to 50 ft., catering to activities such as cruising, water sports, and fishing.
The recreational boating market research report is one of a series of new reports from The Business Research Company that provides recreational boating market statistics, including recreational boating industry global market size, regional shares, competitors with a recreational boating market share, detailed recreational boating market segments, market trends and opportunities, and any further data you may need to thrive in the recreational boating industry. This recreational boating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The recreational boating market size has grown strongly in recent years. It will grow from $30.88 billion in 2023 to $33.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The expansion observed in the historical period can be ascribed to factors such as economic growth and increased disposable income, the rise of boating tourism and leisure activities, the appeal of waterfront properties, shifts in demographics and lifestyle preferences, and adherence to environmental regulations and green practices.
The recreational boating market size is expected to see strong growth in the next few years. It will grow to $44.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth during the forecast period is a result of innovations in rental and sharing services, market expansion, and globalization, adherence to safety and regulatory standards, demographic shifts, and evolving lifestyle trends, coupled with an increasing interest in boating tourism. Key trends expected during the forecast period encompass the adoption of electric propulsion technology, the integration of smart technology, a surge in water sports and activities, ongoing innovations in design and styling, and the incorporation of wellness and comfort features.
The expansion of the tourism industry is expected to drive the growth of the recreational boating market. The tourism sector, encompassing travel for leisure, social, or business purposes, plays a vital role in the global economy, closely connected with the hospitality, hotel, and transportation industries. The focus is on ensuring the satisfaction, entertainment, and adequate amenities for travelers during their journeys, whether locally or internationally. In 2021, a report by Invest India projected the travel and tourism industry to reach USD 512 billion by 2028, highlighting the substantial impact of the growing tourism industry on the recreational boating market.
The increasing count of registered recreational boats is set to propel the growth of the recreational boating market. These boats, designated for non-commercial and personal use, undergo formal registration with maritime authorities for identification, safety regulation, and adherence to navigation laws. The growing number of registered recreational boats signifies a rising interest in recreational boating, driven by a heightened enthusiasm for outdoor leisure activities, water-based sports, and recreational experiences. The convenience of formal registration for safety compliance and regulatory adherence further contributes to this trend. In 2022, the National Safe Boating Council reported a 1.6% increase in the registration of recreational vessels by states, reaching 11,770,383 boats. Hence, the upward trend in registered recreational boats is a significant factor propelling the growth of the recreational boating market.
The recreational boating market is witnessing a significant trend with the increasing focus on new product development. Companies are actively engaged in the creation of innovative products to bolster their presence in the recreational boating market. The introduction of new products not only expands the product portfolios of these companies but also helps attract new customers. An illustrative example is Sunseeker, a UK-based luxury motor yacht manufacturer, which unveiled its new 100 yacht in June 2021. This yacht boasts features such as a master suite, private bow terrace, sunbathing hideaways, and luxurious furnishings. Equipped with cutting-edge engines such as the MTU 12V 2000 M96X and MTU 16V 2000 M96L, the yacht also accommodates smaller jet boats for water activities. Its industry-first features include an open-plan bow to stern entertainment flybridge and a king Stateroom with private access to the bow terrace.
In the recreational boat market, major companies are opting for strategic partnerships to enhance their technological offerings. Strategic collaboration involves mutually beneficial partnerships between independent entities working towards shared goals aligned with their respective strategic objectives. An example of this is the collaboration between GOST (Global Ocean Security Technologies), a US-based marine security systems company, and Boat Fix, a US-based recreational boating telematics company. This partnership aims to elevate technological offerings for the marine industry, with GOST providing 24/7 alarm, anti-theft, and customer support services, along with advanced monitoring, alarm management, and vessel recovery for recreational boats.
In October 2021, Groupe Beneteau, a French company renowned for its expertise in recreational boats, successfully acquired Starfisher for an undisclosed amount. This strategic acquisition serves to fortify Groupe Beneteau's presence in Portugal and enhance its standing in the 25- to 35-foot powerboat sector. Furthermore, the acquisition empowers Groupe Beneteau to expand its production capacity for small motorboats and establish a significant foothold in Portugal. Starfisher, a Portugal-based company specializing in the design and construction of motorboats, is now an integral part of Groupe Beneteau's efforts to grow and diversify within the recreational boating market.
Major companies operating in the recreational boating market report are Lowe Boats, Yamaha Motor Co. Ltd., Polaris Inc., Brunswick Corporation, Groupe Beneteau, Malibu Boats, Ferretti Group, Sea Ray, Mastercraft Boat Holdings Inc., Azimut Benetti Group, Marine Products Corporation, Nitro Boats, Hobie Cat Company Inc., Boston Whaler, Lund Boats, White River Marine Group, Grady-White Boats, Regal Boats, Ranger Boats, Sunseeker International Limited, Baja Marine, Correct Craft, Bayliner, Chaparral Boats, Pacific Asian Enterprises, Fairline, Bavaria Yachtbau, Albemarle Boats, Crestliner Boats, Tracker Boats
North America was the largest region in the recreational boating market in 2023. The regions covered in the recreational boating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the recreational boating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The recreational boating market includes revenues earned by entities by towboats, fishing boats, sailboats, cabin cruisers and pontoon boats. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Recreational Boating Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on recreational boating market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for recreational boating ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The recreational boating market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.